Alibaba, JD.com withhold Singles’ Day sales tally for second year, but strike positive tone amid economic headwinds in China

In the world of online shopping, Alibaba and JD. com are two giants that recently celebrated Singles' Day, a massive sales event. This year, they both reported that they sold more items than before, but they chose not to reveal the exact amount of money they made. Alibaba's platforms, Taobao and Tmall, saw an increase in sales, orders, and shops participating in the event, which began with early sales on October 24 and wrapped up on November 11. By the end of the event, hundreds of brands had sold goods worth over 100 million yuan each. Trudy Dai Shan, the CEO of Taobao and Tmall, attributed their success to their focus on competitive prices, a variety of products, and advanced technology that improved the shopping experience. JD. com also started its sales event on October 23 and reported record-breaking numbers, with transaction and order volumes reaching new heights. Over 60 brands surpassed the 1 billion yuan mark in sales. Despite these achievements, both companies decided not to disclose their total sales figures for the second year in a row, likely due to the economic challenges and the impact of strict health measures on consumer spending. Singles' Day, which began in 2009 by Alibaba, has grown into the largest online shopping event globally. It has extended from a single day to several weeks and now includes other companies like Kuaishou Technology and PDD Holdings' Pinduoduo. This year's event was particularly important as analysts looked for signs of a spending rebound in China's economy, which has been struggling with a weak property sector and reduced consumer spending. Although initial sales figures were promising, China's consumer price index indicated a continued lack of strong economic recovery. Analyst Wang Bairong noted that consumers are now in a 'cooling-off stage,' focusing on necessary purchases rather than impulsive buying. Alibaba and JD. com have been competing by offering low prices to attract budget-conscious consumers. Alibaba highlighted its commitment to providing value for money, while JD. com launched a significant subsidy campaign and a price guarantee to reassure customers they were getting the best deals.